(ZURICH) - The Swiss National Bank said on Wednesday it would inject up to 4.0 billion dollars (2.7 billion euros) into the global banking system as part of a coordinated international effort to boost liquidity.

The bank said the move, made in conjunction with the US Federal Reserve, the European Central Bank, the Bank of England and the Bank of Canada, was "designed to address elevated pressures in short-term funding markets."

The intervention comes amid concerns about a widening credit crunch in which commercial banks are curbing their lending, even to other banks, raising concerns that this will crimp global economic growth.

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